• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Cost Of Living Crisis Continues As Inflation Hits 30-Year High

Home> News

Published 08:05 23 Mar 2022 GMT

Cost Of Living Crisis Continues As Inflation Hits 30-Year High

The cost of living crisis is deepening ahead of Chancellor Rishi Sunak's Spring Statement today

Tom Wood

Tom Wood

Hey, how about some more good financial news, folks? We're about to lurch further into a cost of living crisis because inflation has hit a new 30-year peak, meaning stuff is going to keep getting more expensive.

This news comes before Chancellor of the Exchequer Rishi Sunak makes his Spring Statement to Parliament today.

Prices rose by 6.2 per cent over the last year to February - the 12-month period, that is - seeing fuel, food, and energy costs spiralling out of control.

Even Martin Lewis - the Money Saving Expert himself - has said there is 'virtually nothing' he can do to help people anymore.

Prices are rising at such an exponentially faster rate to wages at the minute that the Bank of England believes inflation could hit double digits this year.

Food prices are on the rise.
Alamy

When he arrives at the despatch box in the House of Commons today, it is thought Sunak might announce a cut in fuel duty, as well as a boost for benefits and raising of the threshold for National Insurance.

We're going to have to wait and see.

In case you're not entirely sure what all this means, we can explain it through a fairly simple thought experiment.

Imagine you're in the shop buying a loaf of bread, and that bread costs £1.

If that same loaf of bread goes up by 5p, then bread inflation is now five per cent.

Since December last year, prices have been shooting up at the quickest rate since the 1990s, and that's only expected to increase in April when the energy price cap is lifted.

In real terms, this means that the fuel bill for an average house will rise by £693 in England, Scotland, and Wales.

Oh, and there's a planned National Insurance rise that will also hit households.

As mentioned earlier, even Martin Lewis is struggling to work out what to do about it all.

He appeared on the BBC on Sunday to tell ordinary working folks that this is the worst crisis he's seen in his time as the Money Saving Expert.

Chancellor Rishi Sunak has the chance to do something about it today.
Alamy

He told Sunday Morning: "I've been Money Saving Expert since 2000. I've been through the financial crash, I've been through Covid which was mitigated by some of the measures the Chancellor put in place.

"This is the worst - where we are right now, this is the worst.

"When I'm reading messages from people saying money prioritisation used to be 'do I go to the hairdressers, or do I go to the pub and have a takeaway'.

"Now it's about prioritising 'feeding my children over feeding myself'. That is simply not tenable in our society and there is absolute panic - and it has not started yet."

Speaking to Sunak directly, he said: "As the Money Saving Expert who's been known for this - I am virtually out of tools to help people now.

"It's not something money management can fix. It's not something for those in the lowest incomes, telling them to cut their bills will work. We need political intervention."

Sunak is due to address Parliament at midday today.

Featured Image Credit: Alamy

Topics: UK News, Money Saving Expert, Money, rishi sunak, Politics

Tom Wood
Tom Wood

Tom Wood is a LADbible journalist and Twin Peaks enthusiast. Despite having a career in football cut short by a chronic lack of talent, he managed to obtain degrees from both the University of London and Salford. According to his French teacher, at the weekend he mostly likes to play football and go to the park with his brother. Contact Tom on [email protected]

X

@TPWagwim

Choose your content:

an hour ago
2 hours ago
  • an hour ago

    Doctors issue severe organ failure warning after 'rite of passage' party drug use increases in UK

    Frequent use of the Class B drug can lead to addiction and organ failure

    News
  • an hour ago

    Death row inmate ordered biggest ever final meal that was huge 29,000 calories

    Gary Carl Simmons Jr placed a truly massive order before his execution

    News
  • 2 hours ago

    Why Donald Trump has implemented travel ban as president 'considers adding another 36 countries' to list

    The new countries reportedly have just 60 days to meet Trump's requirements

    News
  • 2 hours ago

    WW3 tensions rise as Iran makes chilling threat to UK amid ongoing conflict

    Brits have been advised not to travel to Israel given the conflict

    News